At the end of trading Tuesday morning (02/02), the Rotterdam coal prices downrushes the world crude oil price slump.
Crude oil prices closed down nearly 6 percent at the close of trade Tuesday on Wednesday (02/02), the depressed poor Chinese manufacturing data, the world's largest energy consumer, the retreat of a four-day rally, while hopes of cutting supply and production by OPEC and Russia also began to fade.
China's manufacturing sector experienced a contraction, the lowest since the 2012 in January, adding to worries about demand from the country's second-largest economyin the world at the time of the market already burdened by oversupply.
The price of crude oil futures WTI down $ 2, or 5.95 per cent, at $ 31.62 per barrel. It hit rock bottom at $ 31.29 early in the session. The price of crude oil futures contract April Brent down $ 1.79, 4.9 percent, or at $ 34.20 per barrel, and has gone down in the low $ 33.92. March Brent contract, which ended on Friday, settling at $ 34.74 per barrel.
The associated drop in the oil price at the end of the trade early Sunday futures Rotterdam coal price for the most active contract that is a contract in February 2016 position 44.30 dollars per tonne. The commodity price decreased by-0.45 dollar or equivalent-1.01 percent compared to the previous closing trade positions.
Meanwhile the price of coal contracts SGX IHS McCloskey English Sub-Bit FOB Index Futures in February 2016 transacted position 36.50 dollars per tonne.
Coal futures price could potentially test the support level in the position and support the two dollar 42.80 in level 42.30 dollars. While the resistance level will be tested if there is an increase in price at the position of 44.80 dollars and 45.30 dollars.
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